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With the start of a new financial year, this blog highlights changes that may impact on your business and on you personally.

12 month extension for certain repayments of private company loans

The ATO has granted a 12-month payment extension to 30 June 2021 for COVID-19 affected borrowers required to make a minimum yearly repayment on a loan from their private company.

The ATO says that as a result of the COVID-19 situation, it understands that some borrowers are facing circumstances beyond their control.

Read more…

July 2020 Quarterly Tax Updates

 

Let us hope this new financial year is not as tumultuous as the last few months. 

 

Extension of the instant asset write off

Good news is that the instant asset write off of $150,000 has been extended for another 6 months to 31 December 2020.  Businesses with an aggregated turnover of less than $500 million can qualify.

 

Note that for cars, the write off is limited to the depreciation car limit.  However from 1 July 2020 this has increased to $59,136 (previously it was $57,581). 

  Read more…

COVID-19 Update - Jobkeeper Payments

We have revised and updated our message from yesterday which incorporates further details on the turnover requirement and makes a correction to the 12 month employment requirement which relate to long term casual.

Draft legislation is expected late this week, we will provide a further update once this comes to hand.

JobKeeper Payment – updated as at 31 March 2020

Yesterday, the Australian Government announced the $130 billion JobKeeper Payment to assist with the economic impact of COVID-19.

The payment is designed as a wage subsidy paid to 'eligible' employers that employ 'eligible' employees.

Read more…

COVID-19 - JobKeeper Payment

As more information becomes available to us, we will ensure we keep you as updated as we possibly can. Please call us if you are concerned over these matters and what the affects will be on your business. We want to help you through this challenging time. 

JobKeeper Payment – Employer details

Yesterday, the Australian Government announced the $130 billion JobKeeper Payment to assist with the economic impact of COVID-19.

Read more…

As more information becomes available to us, we will ensure we keep you as updated as we possibly can. Please call us if you are concerned over these matters and what the affects will be on your business. We want to help you through this challenging time. 

Cash flow assistance for business – further Government assistance announced

Small and medium sized businesses with an aggregated annual turnover of less than $50 million and who employ workers will now receive a payment equal to 100 per cent of their PAYG withholding (up from 50 per cent) with the maximum payment now $50,000 (up from $25,000). The minimum payment has also increased from $2,000 to $10,000
Read more…
Philip KeirNeil MacleanRenae BeilbyLucy AdamsBen HaymanMonica DuongCourtney MillsPhilip KeirNeil MacleanRenae BeilbyLucy AdamsBen HaymanMonica DuongCourtney MillsPhilip KeirNeil MacleanRenae BeilbyLucy AdamsBen HaymanMonica DuongCourtney MillsPhilip KeirNeil MacleanRenae BeilbyLucy AdamsBen HaymanMonica DuongCourtney MillsPhilip KeirNeil MacleanRenae BeilbyLucy AdamsBen HaymanMonica DuongCourtney Mills
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